Leasehold, Leasehold

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As lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time, and also differs from a tenancy where a property is let on a periodic basis such as weekly or monthly.

The leasehold can include buildings and other improvements to the land. The tenant can do one or more of: farm the leasehold, live on it, or practice a trade on it.

However, it still happens today in many parts of the world. In the Commonwealth Realms leasehold estates are often Crown land held by tenants for a specific period of time, typically 99 years; within certain jurisdictions, for example the Australian Capital Territory, all private land "ownerships" are actually leaseholds of Crown land. In the U.S.A., there are food co-ops which supply tenants with a place to grow their own produce. Rural tenancy is also a common practice. Under a rural tenancy, a person buys a large amount of land and the rural community uses it agriculturally as a source of income.

Source: Wikipedia > Leasehold Estate